The Central Bank of Kenya (CBK) has published a list of microfinance institutions that are licensed to operate in the country.
In a notice dated Wednesday, April 24, CBK noted that the institutions were licensed between 2009 and 2019.
“Pursuant to Section 8(2) of The Microfinance (Deposit-Taking Microfinance Institutions) Regulations, 2008, the Central Bank of Kenya (CBK) hereby notifies the general public of the following institutions duly licensed to carry out the deposit-taking microfinance business in Kenya,’’ read the notice in part.
According to the Microfinance (Deposit-Taking Microfinance Institutions) Act, CBK is expected to publish a list of all licensed microfinance institutions every year.
The act allows microfinance banks licensed by CBK to mobilize deposits from the general public, thus promoting savings, competition, efficiency, and financial access.
Among the licensed microfinance banks are Faulu Microfinance Bank Limited, Kenya Women Microfinance Bank PLC, Salaam Microfinance Bank Limited, and SMEP Microfinance Bank PLC.
CBK raises base lending rate; Kenyans to pay more on loans
Others are LOLC Kenya Microfinance Bank PLC, Rafiki Microfinance Bank Limited, Branch Microfinance Bank Limited, Sumac Microfinance Bank Limited, U & I Microfinance Bank Limited and Umba Microfinance Bank Limited.
Below is the list of the licensed institutions;
- Faulu Microfinance Bank Limited
- Kenya Women Microfinance Bank PLC
- Salaam Microfinance Bank Limited
- SMEP Microfinance Bank PLC
- LOLC Kenya Microfinance Bank PLC
- Rafiki Microfinance Bank Limited
- Branch Microfinance Bank Limited
- Sumac Microfinance Bank Limited
- U & I Microfinance Bank Limited
- Umba Microfinance Bank Limited
- Choice Microfinance Bank Limited
- Caritas Microfinance Bank Limited
- On It Microfinance Bank Limited
- Muungano Microfinance Bank PLC
